myprimarymail31 myprimarymail31

24-07-2024
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Question 5 of 20:

Select the best answer for the question.

If you have earned income, which of the following retirement devices must you contribute to by law?

A. Vesting plan
B. Social Security (FICA)
C. IRA
D. Pension plan

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Answer :

GinnyAnswer GinnyAnswer

24-07-2024

Final answer:

Social Security (FICA) is the required retirement device for individuals with earned income, while IRA and pension plans are additional options.

Explanation:

Social Security (FICA) is the retirement device that individuals must contribute to by law if they have earned income. While IRA (Individual Retirement Accounts) and pension plans are additional retirement savings options, contributing to Social Security is mandatory for those with earned income.

Learn more about retirement savings here:

https://brainly.com/question/37390566

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